One major result of a hike in the minimum wage is that it has a similar impact as a stimulus package, a study from the Chicago Federal Reserve Bank found. Essentially, households impacted by a $1.00 increase in the minimum wage use that additional revenue to make purchases of large durable goods, often home appliances and especially cars. This net effect has a positive impact on the economy in the quarters following a minimum wage increase.

It's clear that adult workers largely benefit from the hike, big box retailers and chain restaurants would have to make adjustments, and retailers of large durable goods tend to see immediate sales benefits.

Still a major question that hangs over the debate is the impact that a hike in the minimum would have on small businesses.